You’re broke? … Get Money Here … List of Best Mobile Lending Apps in Kenya 2022

The lowest loan you can get is Ksh 500 and the highest is Ksh 50,000 and with an interest rate of 15%. The loan must be repaid every week in installments.

Mshwari
This is a mobile banking service offered through M-Pesa in collaboration with the Commercial Bank of Africa (CBA). Mshwari has existed for 7 years ago.
The loan is processed in 5 minutes. To benefit from a Mobile Loan on Mshwari, become a Safaricom subscriber, have a registered and active Mpesa line used for six months, an active Mshwari account and an updated Mpesa menu.

The lowest loan you can borrow is Ksh 100 and no one knows the highest. To qualify for a higher loan limit, you will need to be repaid on maturity and also increase the savings amount in your Mshwari account.

The one month repayment term is all you have plus a 7.5% interest rate.

KCB Mpesa
This is a partnership between Kenya Commercial Bank (KCB) with Mpesa via Safaricom. It started operating 4 years ago as a savings account and has been running ever since.
The condition to participate is that you must be an active registered Safaricom Mpesa customer for 6 months. Just dial * 844 # and follow the instructions to activate our KCB-Mpesa account

You can borrowas low as ksh 50 to one million shillings. The cost of a monthly loan is 3.66% with excise duty applicable to payments.

Tala (formerly Mkopo Rahisi)

It was the first instant mobile loan application launched as Mkopo Rahisi 5 years ago and later adopted a new brand, Tala.
The lowest loan you can get is Ksh 500 and the highest is Ksh 50,000 and with an interest rate of 15%. The loan must be repaid every week in installments

Tala app needs you to have a smartphone and decent Mpesa track record to enjoy their loans.

Branch

Branch International Inc is a San Francisco-based company with a branch in Nairobi, Kenya. It started four years ago and has been around ever since. To access it you must be a registered Mpesa user with a real and active Facebook account with a username that matches those of your national identity card. You can borrow as low as 1000. No alarming interest rates it depends on how you pay back the given loan

Saida
To qualify for a Saida loan, your Mpesa / Airtel Money accounts must be active.

You can get saida from app plays store. Enter your mobile number and wait for an invitation to get loans, approval can take up to a week.

The minimum loan you can get is Ksh 600, the highest is Ksh 25,000 and the interest rate is 10%.

The application reads and tracks the transaction and call activity to know if you are capable enough to repay.

OKOA Estimate
Kenya Power, the partnership with Safaricom started OKOA Estima 4 years ago and is still active. It can help you pay off your electricity bills.
You can borrow as low as ksh 100 to Ksh
2000 ,with an interest rate of 10%. The loan must be repaid within one week.

Kopa Chapa

This mobile app is facilitated by Faulu Kenya. You must be an active airtel money for 6 months to qualify for a loan.

You can be borrowed as from Ksh 1000 to ksh 100,000
This is a really short payout period, as it’s just over a week, 10 days to be exact.

Zidisha

It is an international company founded in 2008 and active since then.

This is a platform that lends money to business people or organizations through an online platform that connects creditors with borrowers.
It is a non-profit organization that connects borrowers from Kenya and across Africa, while creditors come from North America and Europe.

To qualify, you should be working or having a business, good character, a Facebook account, a brilliant online presence etc.

Stavika

This is owned by Stawika Capital. The application checks the cell phone data and other factors for granting loans.

The app also uses information from CRB, so make sure you are not listed on CRB before any loan requests.

An interest rate of 15% and the loan is repayable through Mpesa.

Barclays Timiza App
One of the recently launched lending apps in Kenya is a lovely lending tool from Barclays Kenya. The most surprising thing about Timiza is that anyone with a smartphone can access it. Also, you don’t need a Barclays account to use this app. It’s also a decent way to save, plus you increase your chances of getting a loan by depositing money in the app via M-Pesa. If you don’t have a smartphone, you are not excluded anyway, because you can access the loan services from Timiza by dialing * 848 # on your phone.

This represents the new era in financial services, focused solely on consumers. It was offered to you by Finserve Africa and is growing rapidly. With it, you access an emoji keyboard.
The app allows you to send money to many mobile wallets including Mpesa, Equitel money and Airtel money.

It is also possible to purchase airtime for Safaricom, Equitel, Airtel, Telkom or Faiba. Payment of bills can also be made on it.

One of the recently launched lending apps in Kenya is a lovely lending tool from Barclays Kenya. The most surprising thing about Timiza is that anyone with a smartphone can access it

Also, you don’t need a Barclays account to use this app. It’s also a decent way to save, plus you increase your chances of getting a loan by depositing money in the app via M-Pesa.

If you don’t have a smartphone, you are not excluded anyway, because you can access the loan services from Timiza by dialing * 848 # on your phone.
This is one of the most convenient apps that provide loans in Kenya. It is user friendly
You just need your Mpesa number, which you will enter when opening the app.
You will now receive a verification code via SMS to your number just to prove that you really own the Mpesa account.
If you are aged between 20 and 55, you can access this mobile application
Okolea

This is a very low interest rate loan app in Kenya. At 0.6% daily, you can borrow money without being pressured to pay off with huge interest when it’s time to pay back. Upon registration, you will be asked to pay the vital fee of Kshs 100. Here is a nice trick, every single time you repay before the repayment date, the loan limit is increased by 20%.

Equitel

The loans here are for Equity bank account holders only. To access it, you must have an equitel line connected to your bank account. After that, access is continuous.
Just go to equitel toolkit and choose the type of loan you want. Enter the amount you need and submit your request

Equitel is really convenient to use as it allows you to check your loan balance and make repayments directly from your smartphone, without the need for any physical presence in the bank.

DAVID MWANGI

Journalist

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